Comex Closes Loan

Mexican paint maker Comex has closed a 5-year MXP5.36bn ($407m) amortizing term loan and 3-year MXP700m revolver, according to people close to the deal. Pricing on the loan was tied to a total debt-to-Ebitda leverage grid, at TIIE+325bp out of the box, dropping to 200bp for below 2.0x, 225bp for 2.0x-2.5x, 325bp for 2.5x-3.0x, and 375bp for 3.0x-3.5x. Lead arrangers, arrangers and co-arranger spots were available, with amounts between MXP300m and MXP800m, and fees between 45bp and 80bp. Funds are expected to be used for debt refinancing. The deal, led by HSBC, Citi Banamex and BBVA Bancomer, closed with a total of 11 banks participating. The majority of the banks were Mexican, with a few international banks that were able to obtain funding in pesos also taking part.